A recent monetary policy meeting was held, and RBI (Reserve Bank of India) showed an unchanged repo rate of 6.50%. So, many lending companies revised MCLR (Marginal Cost of fund-based Lending Rates) and banks modified interest rates. These rates now reflect on your loan products from August 2024.
8 Banks have revised loan interest rates. Check the detailed article below.
1. SBI Bank
State Bank of India (SBI), one of India’s popular banks, increases MCLR rates. The overnight MCLR rate increases from 8.10% to 8.20%. The one-month MCLR rate is 8.35% to 8.45%. The three-month MCLR rate was revised from 8.40% to 8.50%.
The six-month MCLR rate also changed to 8.85% while the previous rate was 8.75%. The one-year MCLR revised rate is 8.95% and the two-year previous MCLR rate was 8.95% while the new rate is 9.05%. Also, the three-year MCLR previous rate was 9% and the new rate is 9.10%.
| Repayment Tenure | Previous MCLR Rate | New MCLR Rate |
| Overnight | 8.10% | 8.20% |
| 1 Month | 8.35% | 8.45% |
| 3 Month | 8.40% | 8.50% |
| 6 Month | 8.75% | 8.85% |
| 1 Year | 8.85% | 8.95% |
| 2 Year | 8.95% | 9.05% |
| 3 Year | 9.00% | 9.10% |
Also Read: SBI LAP Kolkata Interest Rates
2. HDFC Bank
As per the news, HDFC Bank increased the marginal cost of fund-based lending rates. The overnight MCLR rates increased from 9.05% to 9.10%, whereas one month revised from 9.10% to 9.15%. The three-month rate increased by 5bps and the new MCLR rate is 9.25%.
HDFC Bank changed the six-month MCLR rate from 9.35% to 9.40%. The one-year MCLR rate is 9.45% which is revised from 9.40%. Also, the year and three-year MCLR rate is the same after revision. The new rate is 9.45%.
| Repayment Tenure | Previous MCLR Rate | New MCLR Rate |
| Overnight | 9.05% | 9.10% |
| 1 Month | 9.10% | 9.15% |
| 3 Month | 9.20% | 9.25% |
| 6 Month | 9.35% | 9.40% |
| 1 Year | 9.40% | 9.45% |
| 2 Year | 9.40% | 9.45% |
| 3 Year | 9.40% | 9.45% |
3. Bank of Baroda
Bank of Baroda revised the marginal cost of fund-based lending rate by 5 basis points. The overnight MCLR rate is 8.15% after revision, previous rate was 8.10%. The one-month MCLR rate is 8.35%, whereas the previous marginal cost lending rate was 8.30%.
The three-month MCLR rate is hiked from 8.45% to 8.50%. Also, the six-month marginal cost lending rate increased from 8.70% to 8.75%. The one-year rate is 8.95% which is revised from 8.90%.
| Repayment Tenure | Previous MCLR Rate | New MCLR Rate |
| Overnight | 8.10% | 8.15% |
| 1 Month | 8.30% | 8.35% |
| 3 Month | 8.45% | 8.50% |
| 6 Month | 8.70% | 8.75% |
| 1 Year | 8.90% | 8.95% |
4. PNB Bank
Punjab National Bank increased the MCLR rate by 5 bps. The new overnight lending rate is 8.30% which was revised from 8.25%. The one-month MCLR lending rate is changed from 8.30% to 8.35%. The three-month lending rate is 8.55% which revised from 8.50%.
PNB changed the six-month MCLR rate from 8.70% to 8.75%. Also, the year rate was revised from 8.85% to 8.90%. The three-year lending rate is 9.20% which revised from 9.15%.
| Repayment Tenure | Previous MCLR Rate | New MCLR Rate |
| Overnight | 8.25% | 8.30% |
| 1 Month | 8.30% | 8.35% |
| 3 Month | 8.50% | 8.55% |
| 6 Month | 8.70% | 8.75% |
| 1 Year | 8.85% | 8.90% |
| 3 Year | 9.15% | 9.20% |
Also Read: Used Car Loan Interest Rates
5. YES Bank
Yes Bank also revised MCLR rates, which as effect from 1 August. This bank changed lending rates to 9.10%. The one-month marginal cost lending rate is 9.45%. The three-month MCLR rate is 10.10%. Yes Bank revised the six-month rate to 10.35%, whereas the one-year marginal cost of fund-based lending rate is 10.50%.
| Repayment Tenure | New MCLR Rate |
| Overnight | 9.10% |
| 1 Month | 9.45% |
| 3 Month | 10.10% |
| 6 Month | 10.35% |
| 1 Year | 10.50% |
6. Canara Bank
Canara Bank revised the MCLR rate which hiked 5 basis points. The revised rate is effective for all the tenure. Canara Bank’s overnight lending rate is 8.25%, the previous rate was 8.20%. The one-month marginal cost of fund-based lending rate is 8.35%. The three-month revised lending rate is 8.45%, the previous rate was 8.40%.
The six-month rate was also revised from 8.75% to 8.80%. The one-year lending rate is 9.00%, the previous rate was 8.95%. The two-year MCLR rate is 9.30% and the three-year lending rate is 9.40%.
| Repayment Tenure | Previous MCLR Rate | New MCLR Rate |
| Overnight | 8.20% | 8.25% |
| 1 Month | 8.30% | 8.35% |
| 3 Month | 8.40% | 8.45% |
| 6 Month | 8.75% | 8.80% |
| 1 Year | 8.95% | 9.00% |
| 2 Year | 9.25% | 9.30% |
| 3 Year | 9.35% | 9.40% |
7. IDBI Bank
IDBI MCLR’s new rate is effective on 12 August 2024. The new overnight lending rate is 8.40%. IDBI’s one-month tenure MCLR rate is 8.55%. The three-month marginal cost of fund-based lending rate is 8.85%. The six-month lending rate is 9.10%.
IDBI’s revised one-year MCLR rate is 9.15%. The two-year lending rate is 9.70% and the three-year MCLR rate is 10.10%.
| Repayment Tenure | New MCLR Rate |
| Overnight | 8.40% |
| 1 Month | 8.55% |
| 3 Month | 8.85% |
| 6 Month | 9.10% |
| 1 Year | 9.15% |
| 2 Year | 9.70% |
| 3 Year | 10.10% |
8. UCO Bank
UCO Bank revised the MCLR rate by 5 basis points. The six-month tenure lending rate is 8.80%, the previous rate was 8.75%. The one-year MCLR rate is 8.95% revised from 8.90%.
| Repayment Tenure | Previous MCLR Rate | New MCLR Rate |
| 6 Month | 8.75% | 8.80% |
| 1 Year | 8.95% | 9.00% |